Group 1 - The core viewpoint of the report is that Singapore Post's rating has been upgraded from "Hold" to "Buy" based on valuation reasons, with a slight adjustment of the fair value target from SGD 0.605 to SGD 0.590 [1] - Singapore Post has made progress in divesting non-core assets, including the sale of its freight forwarding business for SGD 177.9 million, which is expected to generate approximately SGD 10.5 million in disposal gains and release around SGD 104 million in cash [1] - The next step in asset monetization may involve sale-and-leaseback transactions of its post office network, with a potential deal for 10 post offices valued at SGD 50 million [1] Group 2 - Singapore Post is transitioning from a traditional postal service provider to a global logistics company, with potential catalysts for the future including value-accretive acquisitions in the region and feasible structural solutions for the sustainability of its domestic postal business [2] - The possibility of injecting real estate assets into a Real Estate Investment Trust (REIT) is also considered a potential growth avenue for the company [2]
华侨银行：新加坡邮政聚焦资产价值 评级上调至“买入”
Xin Hua Cai Jing·2025-08-01 05:22